Have you ever wanted a blueprint on how to be an adult?
When growing up it appears that the grown-ups in our lives have the whole “adulting” thing figured out.
Of course, as we become adults we realise that adulthood isn’t always so easy. Many people are still figuring out the adulthood thing – especially when it comes to managing money.
While sometimes you have to learn by personal experience, there’s something to be said about learning from the example of others.
This guide helps you learn from hundreds of years of second-hand experience from those who know all about ‘how to adult’.
What can you expect by the end?
— What it means to handle your money and expenses “like and adult”
— Just because you can doesn’t mean that you should
— What to consider when it comes to your long term financial duties
Can vs. Should
Part of feeling like an adult means you finally have money to spend as you see fit, but that doesn’t mean that you should spend it. At this point in your life the ‘accumulation phase’ finally begins. The shorter that phase runs, the earlier you’ll be able to retire.
To put it concisely, just because you can doesn’t mean you should. That is one of countless wise choices to make in adult life.
“Bite off a chunk, chew, swallow. Repeat”
When it comes to money, it’s easy to lie to yourself about numbers. How many times have you thought something in the likes of; “If I invest in this new car it will save me money on gas or repairs.”
Managing money like an adult means surveilling yourself when your “wants” are holding your inner counsellor hostage. You might not be a pro at it but that’s ok.
Part of being an adult means thinking about long term securities such as purchasing life insurance, even if you’re a parent or not.
“But how can I afford it?” You may think. Well, look at your spending habits. How much do you spend on takeouts and delivery meals or your pricey mobile phone plan each month? A slice of that could cover a life insurance policy.
Life is about continuous improvement. Success isn’t the lack of failure. Instead, success is working to ensure you win more than you fail.
“Handling money like an adult” is keeping the long-term view in mind.
In the ‘grown-up’ world you must keep in mind your long-term plans and goals. Take incremental steps towards them every time your pay check hits the bank account.
Being nothing more than an adult like many others means nobody is there for you to pay your bills or bail you out in case something bad happens down the road. You are the one responsible for that.
You might always hear about how couple, families and business can protect their financial futures with life insurance and ask yourself; Why would I need life insurance as a singleton?
Part of the answer is emphasising how a life insurance purchase can be a smart financial move for someone who is single with no children.
What should you consider?
— Do you provide financial support for ageing parents or siblings?
— Do you have accumulated debt that you don’t want to pass on to surviving family members in the case of premature death?
— Did family members pay for your education?
These obligations can be addressed with life insurance. In cases of tuition, even reimburse family members for their support. If you’re still not entirely convinced — I can help you ‘do your own maths’. Contact me Anthony Paul, your Business Consultant to quickly understand if there is a need — one you might not be aware of — that can be attended to with life insurance.
Furthermore in addition to addressing financial obligations you may have, the current economic climate has made permanent life insurance an attractive means to help you build a secure long-term rate of return for safe money assets. The cash value in traditional life insurance can provide you with money for opportunities, emergencies and even retirement.
“Peace of mind”. A principal reason when considering life insurance.
For young adults keep in mind that you have youth on your side. Think about the fact that purchasing a life insurance policy is more affordable when you are young, allowing you to protect your insurability for when there is a future need — for all you know, in time, a life partner and children.
With so many valid reasons, the most important to consider is; Life insurance can be the peace of mind you’ll have knowing that your financial obligations will be taken care of should anything happen. After all that marks a triumph in your adulthood.
Find the best value life insurance policy for you.
For a review and quote get in touch with me Anthony Paul, your Business Consultant.